StubHub (STUB) Registration Filing summary

Company overview and business model

• Operates a global ticketing marketplace for live events, connecting buyers and sellers through StubHub and viagogo brands.

• Business model is transaction-based, generating revenue from fees on ticket sales without taking inventory risk.

• Achieved global scale, with over 40 million tickets sold in 2024 to buyers in 200+ countries and 1M+ unique sellers.

• Expanded into direct issuance, enabling content rights holders to sell original tickets, surpassing $100M in direct issuance GMS in 2024.

• Focused on leveraging technology, data, and brand to create a liquid, transparent, and trusted marketplace.

Financial performance and metrics

• 2024 revenue: $1.77B, up 29.5% from 2023; GMS reached $8.68B, up 27% year-over-year.

• Adjusted EBITDA for 2024: $298.7M; free cash flow: $255.1M.

• Net loss for 2024: $(2.8)M, compared to net income of $405.2M in 2023, due to increased investments and expenses.

• Cost of revenue increased 44.1% in 2024, driven by higher transaction volume and direct issuance costs.

• As of Dec 31, 2024: $1.0B in cash and cash equivalents, $2.39B in long-term debt, and $1.07B in U.S. federal NOL carryforwards.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to repay existing term loan debt, with the remainder for general corporate purposes, including working capital, operating expenses, and potential acquisitions.

• No current agreements for material acquisitions or investments.